QUOTE(seantang @ Dec 24 2011, 11:09 PM)
These are just titles.
There are many subfunctions in finance, from treasury to taxation to internal audit to accounting etc etc (even within accounting, there's management accounting or internal/mgt book and statutory or external/legal book). In most large companies, a different person takes care of each subfunction and all of them report to the CFO. So each subfunction may have a different director (ie. many finance directors) but all of them report to the CFO. There can only be one CFO.
In many US companies, accountants in the accounting subfunction are called controllers. So the financial controller or chief controller is basically the director of the accounting subfunction ie. accounting director.
In my company, it's the CFO (1) -> global subfunction finance directors (10), global business finance directors (5), continental/area finance directors (5) -> global sub-subfunction finance directors or regional subfunction or regional business finance directors (200) -> rest of us.
QUOTE(Materazzi)
And you know, the easier path to become FD is a Financial controller PART! So he needs to understand FS la.
You only need to be very good at finstat if you want to do accounting or audit subfunction. A company will need a different kind of CFO (or in your mind, FD) according to its needs at the moment. If the company is growing fast and needs to raise capital/funding, then they want a CFO strong in treasury. If the company is quite steady and focused on competition and improving profitability, then they need a strong business finance person. I've never seen a company require a CFO who's strong in accounting, especially finstat. Accountants doing accounting are very easy to get, adds no value to the bottom line and the CFO can just anyhow get an accounting director and let him run the accounting subfunction or process.
I don't know why my FD didn't hire someone from Big4??! He only hired(the audit background) me and 1 FM in subsidiary, both of us are from mid tier audit firm. And I just had 10 months exp whereas she had 4 yrs exp.
Ya, all of them report to my FD. Even purchasing director you called it, production directors, etc report to my FD.
And accounting director and financial controller is not same la because we also have chief accountant. And chief accountant directly reports to my FD not my FC. They have different role. My FC don't bother about FS, it's chief accountant role to manage AP and FS thingy. so you know la my FC role, don't you?
Yes, our company is too small to be listed haha..However, our cashflow is very strong. Even we didn't claim back the tax up to 2 years, we offer 3 months credit to our customers and we will get about $5 million for the tax claim on GST/VAT.
And one question to you seantang, is it a norm for MNC that most MNCs don't have Internal Auditors in their branches in other countries?Most FC in business unit will have many tasks in Internal auditing, financial analyst, budgeting, stock count, monthly cash cost reporting, hedging, PO verification, reconcilliation of inventory, cost pricing etc.
This post has been edited by Materazzi: Dec 25 2011, 12:20 AM 
Dec 19 2011, 08:52 PM
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company's profit plunge 55% 
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